Category: UN

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Prime Minister of Malta tells UN that crypto is the future

Categories Blockchain, Cryptocurrency, Malta, DLT Regulation, E&S Group, Technology, DLT, UN

Prime Minister of Malta tells UN that crypto is the future

Malta’s Prime Minister, Joseph Muscat has told the United Nation that he believes cryptocurrency is the “inevitable future of money”. Muscat made the remarks as he addressed the general debate of the 73rd Session of the General Assembly of the United Nations on September 27th.  And in 2 days he is taking part in the biggest crypto-related event of the year, Malta Blockchain Summit to support the “Blockchain Island” initiative.

Transformative technology

The Prime Minister made an enthusiastic case for crypto, citing it as a transformative combination of cutting-edge technology with immense political impact and talking about the possibility of creating a new “digital state”.

“Blockchain makes cryptocurrencies the inevitable future of money, more transparent since it helps filter good businesses from bad businesses. But these distributed ledger technologies can do much more,” he added.

He then argued that distributed ledger technologies (DLT) have the potential to transform civil, political, and corporate systems. Mr Muscat explained that the possibility to solve decades old problems was a big reason for pushing Malta to be “the Blockchain Island”. Malta has recently become the first jurisdiction in the world to regulate the technology, paving the way for regulatory certainty and clarity, as well as removing the industry from a “legal vacuum”.

The future

He also talked of creating a place where no one is deprived of their legitimate property because of compromised data, that corporations become more accountable to their shareholders, and that states move from hoarding information on their citizens to regulating an environment where citizens trust the handling of their own data. In the healthcare sector, Muscat spoke of a system where patients could have real ownership of their medical records, where the administration would be more efficient and therefore save significant sums that would be better spent elsewhere within the system.

But, despite the Prime Ministers praises, he spoke of hurdles that the industry faces, noting that:

“There are challenges in this fast and obvious transition to a digital economy and society. These challenges have to do with the very nature of concepts that we believed would stay with us forever […] but solutions do not come by closing doors.”

In June the Maltese parliament passed three DLT and crypto bills that are due to come into force tomorrow on November 1st 2018, after being put back from the original enforcement date of October 1st.

E&S Group is a leading corporate & law firm offering various services with regards to ICOs. Feel free to contact us directly on +356 20103020 or by email at [email protected] to find out how E&S can help you in ‘making things happen’.

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Eurostat released high promising figures showing Malta’s surplus

Categories Economy, Malta, Governance, UN, Budget

Eurostat released high promising figures showing Malta’s surplus

On the day that the Finance Minister is expected to deliver his budget speech for 2019, the National Statistics Office (NSO) and the Eurostat released promising figures showing Malta having the highest surplus within the EU.

The report was released by Malta Today, stated that in 2017 Malta registered its highest surplus of €392.7 million. This is equivalent to 3.5% of the Gross Domestic Product (GDP). Moreover, the Gross consolidated debt has amounted to €5.7 billion equivalent to 50.9% of Malta’s GDP, which is less than the previous year by €64.3 million.

Statistics show that the total revenue generated by the Maltese government in 2017 stood at €4.4 million, which is a substantial increase of €554.3 million from that in 2016. Moreover, the total amount of expenditure compared to the previous year have amounted to €4 million resulting to an increase of €257.9 million.

The figures show that the gross consolidated debt have decreased by €64.3 million compared to last year, now standing at €5.7 billion, amounting to 50.9% of the GDP. This figure abides by the Maastricht Treaty set by the EU stating that all member states need to follow “sound fiscal policies, with debt limited to 60% of GDP and annual deficits no greater than 3% of GDP.”

This report has shown that Malta has reached a good surplus of 1.7%, which is higher than Cyprus, which holds the second place of surplus reaching 1.8%. This is followed by Sweden, Czechia, Luxembourg, the Netherlands, Bulgaria and Denmark, Germany, Croatia, Greece, Lithuania and Slovenia.

In a tweet Prime Minister Joseph Muscat wrote “#Malta had the highest fiscal surplus in the #EU in 2017, as confirmed by @EU_Eurostat. Data for first half of 2018 indicates similar trend. In #maltabudget19 we will continue rolling out our economic and social strategy -JM”

 

Tonight, Malta is anticipating the Budget measures that will be proposed by the government. If you interested to know what will be said during the budget follow this link to know more. If you would like to open up a company in Malta and need a professional guidance, drop us a line by sending us an email on [email protected] and we will ‘make things happen’.

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